Act on Commercial Foundations comes into force on 1 January 2015

The new Act on Commercial Foundations (Act no. 712 of 25 June 2014) comes into force on 1 January 2015. Certain provisions will apply to the financial year starting on 1 January 2015 or later.

These provisions are the following:

  • that the board of directors must give an account of its position on the recommendations for professional governance of commercial foundations;
  • that the Business Authority must submits a list of the recipients of grants;
  • that the board of directors must give an account of the foundation's grant policy.

These provisions will therefore not apply to financial statements prepared for 2014 or earlier.

contacts

Jim Øksnebjerg

Partner

Torsten Hoffmeyer

Senior Attorney